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Income Taxes
9 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]  
Income Tax Disclosure Income TaxesThe effective income tax rate for the three months ended September 30, 2021 and 2020 was 27.0% and 10.7%, respectively. The rate for the three months ended September 30, 2021 is higher than in the prior year primarily due to goodwill and intangible asset impairment charges, a portion of which was not tax deductible. The tax benefit associated with the goodwill and intangible asset impairment charges was treated as a discrete item in determining tax expense for the three months ended September 30, 2020. The effective income tax rate for the nine months ended September 30, 2021 and 2020 was 19.2% and 12.4%, respectively. The rate for the nine months ended September 30, 2021 is higher than in the prior year as the effective tax rate for the nine months ended September 30, 2020 was impacted by a decrease in profitability resulting from various realignment charges, expense for a change in the Company’s accounting policy for asbestos-related defense costs and impairment of goodwill and indefinite-lived intangible assets. The effective tax rate for the nine months ended September 30, 2021 was impacted by the recognition of approximately $3.0 million of deferred tax benefits in Italy, the majority of which related to a reduction in deferred tax liabilities in connection with certain tax incentives.